SME Development 31st Sub-Council Meeting

Issue 1

Report on the implementation of the decisions adopted during the previous session by the Council Secretary.

Issue 2

On the e-draft platform, regarding the draft law "On Amendments and Additions to the RA Administrative Procedure Code" (abolition of the general rule on the suspension of administrative acts, including fines, in case of appeal). (This issue concerns all SME entities operating in the Republic of Armenia and has been included as an urgent matter by the vote of the Council members.)

Issue 3

Regarding the draft law "On Amendments and Additions to the RA Tax Code" (This issue concerns all SME entities operating in the Republic of Armenia). A. Expansion of the possibility to adjust transactions/accounting documents in case of product returns. B. Exemption from fines when the tax agent fulfills the obligation in cases of undocumented acquisitions by a turnover tax payer. C. Clarification and systematization of the tax accounting rules for foreign currency purchase and sale transactions during import and export operations. D. Issues related to the offsetting of tax bases for VAT and excise duties in transactions involving gratuitous or compensation at significantly lower than market value. E. Issues related to the application of the negative consequences specified in Article 150, Part 14 of the RA Tax Code to business operators in the event of the death of an individual receiving passive income.